Deal Nearly Doubles One of China's Largest Exhibitor's IMAX Footprint
Exhibitor Becomes Third-Largest IMAX Operator in China
SHANGHAI, Oct. 8, 2015 /PRNewswire/ -- IMAX Corporation (NYSE: IMAX) and Omnijoi Cinema Development Co., Ltd. (Omnijoi Cinemas), formerly known as Jiangsu Eudemonia Blue Ocean Cinema Development Co., Ltd., today announced an expansion of the parties' revenue sharing arrangement with the addition of 15 new IMAX® theatre systems in China. This agreement brings Omnijoi Cinemas' total IMAX commitment to 31 theatres and positions the exhibitor as the third-largest IMAX exhibitor partner in China and fifth-largest globally.
"Today's agreement will see Omnijoi Cinemas nearly double its IMAX footprint – a significant commitment that underscores the success of the IMAX business model and the continued demand for The IMAX Experience® among Chinese moviegoers," said IMAX CEO Richard L. Gelfond. "Omnijoi is a valued partner that shares our passion for innovation and quality and together we look forward to continuing to change the way audiences in China experience today's biggest blockbusters."
"This partnership is a direct result of the success of our existing IMAX theatres that have delighted our guests with the best Chinese and Hollywood films in the world's most immersive cinematic format," said Mr. Yang Shu, Vice President, Omnijoi Media Group. "As we continue to expand our network of cinemas, IMAX will be a flagship attraction at our upcoming complexes – one we are confident will continue to support our business."
About Omnijoi Cinema Development Co., Ltd.
Omnijoi Cinema Development Co., Ltd. is a unit under Omnijoi Media Corporation, a stated-owned company which owns several either wholly-owned or share-holding subsidiaries. Omnijoi Media Corporation covers a wide range of businesses including production, distribution, presentation, of film and television drama and etc. Omnijoi Cinema Development Co., Ltd. was founded especially to develop and operate cinemas. It has over 15 locations of five star Cineplex as of May 31, 2015. The company will invest billions RMB to build 150 Cineplex with 1200 screens and become a leading exhibitor in China.
About IMAX China
IMAX China is a subsidiary of IMAX Corporation, and is incorporated under the laws of Hong Kong. IMAX China was established by IMAX Corporation specifically to oversee the expansion of IMAX's business throughout Greater China.
About IMAX Corporation
IMAX, an innovator in entertainment technology, combines proprietary software, architecture and equipment to create experiences that take you beyond the edge of your seat to a world you've never imagined. Top filmmakers and studios are utilizing IMAX theatres to connect with audiences in extraordinary ways, and, as such, IMAX's network is among the most important and successful theatrical distribution platforms for major event films around the globe.
IMAX is headquartered in New York, Toronto and Los Angeles, with offices in London, Tokyo, Shanghai and Beijing. As of June 30, 2015, there were 977 IMAX theatres (853 commercial multiplexes, 20 commercial destinations and 104 institutions) in 65 countries.
IMAX®, IMAX® 3D, IMAX DMR®, Experience It In IMAX®, An IMAX 3D Experience®, The IMAX Experience®, IMAX Is Believing® and IMAX nXos® are trademarks of IMAX Corporation. More information about the Company can be found at www.imax.com. You may also connect with IMAX on Facebook (www.facebook.com/imax), Twitter (www.twitter.com/imax) and YouTube (www.youtube.com/imaxmovies).
This press release contains forward looking statements that are based on IMAX management's assumptions and existing information and involve certain risks and uncertainties which could cause actual results to differ materially from future results expressed or implied by such forward looking statements. These risks and uncertainties are discussed in IMAX's most recent Annual Report on Form 10-K and most recent Quarterly Reports on Form 10-Q.